Date: October 01, 2026

Court Order Summary

SEPC Limited submitted an update regarding a Common Order dated September 30, 2026, passed by the Hon'ble High Court of Madras in Execution Petition Nos. 91 & 92 of 2023, 7 of 2024, 15 & 16 of 2025 and E.P.(SR).No.126896 of 2026 and A.Nos.2667 & 4112 of 2026.

The order was based on a Joint Memo of Compromise executed between the Award Holders (GPE (India) Ltd, GPE JV1 Ltd, Gaja Trustee Company Private Limited) and the Judgment Debtors (including SEPC Limited and Twarit Consultancy Services Private Limited).

Settlement Terms

  • The parties mutually agreed to fully resolve all outstanding disputes for a total consideration of ₹149.5 Crores.
  • The settlement payment consists of a Demand Draft for ₹147 Crores (drawn on Axis Bank) submitted to the court, and a remaining balance of ₹2.5 Crores currently lying to the credit of the Court in A.No. 1812 of 2026.

Court Directives

  • The Hon'ble High Court officially terminated all the listed and un-numbered Execution Petitions and closed all connected pending applications.
  • All interim attachments made under these petitions stand completely raised with immediate effect.
  • The Joint Memo of Compromise shall form an integral part of the Court's order.

Financial Impact

As per Annexure I of the disclosure:

  • Direct Monetary Outflow: Nil (Paid entirely by Judgment Debtor • 1 under a 2015 indemnity agreement)
  • Monetary Value Unlocked: The Attachment of Receivables to the tune of ₹154 crores has been removed with immediate effect
  • Banking Operations Impact: The restrictions on banking operations have been completely raised with immediate effect

Case Background

The Execution Petitions involved multiple parties including:

Petitioners: GPE (India) Ltd, GPE JV1 Ltd, Gaja Trustee Company Private Limited

Respondents/Judgment Debtors: Twarit Consultancy Services Private Limited, SEPC Limited, and various banking institutions as garnishees

The petitions sought to attach and recover amounts totaling approximately ₹283-303 crore along with interest from the judgment debtors' accounts and assets.

Representation

For Petitioner(s): Mr.K.Gowtham Kumar (in all E.Ps)

For Respondent(s): Mr.N.P.Vijay Kumar assisted by Mr.R.Pradeep (For JD1), Mr.P.J.Rishikesh (For JD2), Mr.Varun Srinivasan (For R11 in E.P.No.91/2023)

Additional Court Notes

The Demand Draft for ₹147 Crores is to be kept in an interest-bearing account by the Registrar General and paid to the petitioners upon filing a memo.

The Fixed Deposits of ₹2.5 Crores kept to the credit of the Execution Petition shall also be paid to the respective petitioners as indicated in the joint memo.